Novanta Inc.'s (NASDAQ:NOVT) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Novanta Inc.'s (NASDAQ:NOVT) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
It is hard to get excited after looking at Novanta's (NASDAQ:NOVT) recent performance, when its stock has declined 13% over the past three months. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Specifically, we decided to study Novanta's ROE in this article.
在观察Novanta(纳斯达克:NOVT)最近的表现后,很难感到兴奋,因为其股票在过去三个月里下跌了13%。但是,如果你仔细关注,可能会发现其关键财务指标看起来相当不错,这可能意味着股票在长期内有潜在的上涨空间,因为市场通常会奖励更具韧性的长期基本面。具体来说,我们决定在本文中研究Novanta的ROE。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或ROE是股东需要考虑的重要因素,因为它告诉他们资本的再投资效率。简单来说,它用于评估公司相对于其股本的盈利能力。
How Do You Calculate Return On Equity?
如何计算股本回报率?
The formula for return on equity is:
股东权益回报率的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股东权益回报率 = 净利润(来自持续运营)÷ 股东权益
So, based on the above formula, the ROE for Novanta is:
因此,根据上述公式,Novanta的ROE为:
8.1% = US$60m ÷ US$742m (Based on the trailing twelve months to September 2024).
8.1% = 6000万美元 ÷ 74200万美元(基于截至2024年9月的过去十二个月)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.08 in profit.
“回报”是业务在过去一年中获得的收入。另一种思考方式是,对于每1美元的股本,公司能够赚取0.08美元的利润。
What Has ROE Got To Do With Earnings Growth?
roe与盈利增长有何关系?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
我们已经确认ROE作为公司未来收益的有效利润生成指标。现在我们需要评估公司再投资或"保留"多少利润以支持未来增长,这样我们才能了解到公司的增长潜力。一般来说,在其他条件相同的情况下,拥有高股本回报率和利润保留的公司,其增长率往往高于没有这些特征的公司。
Novanta's Earnings Growth And 8.1% ROE
Novanta的盈利增长和8.1% ROE
When you first look at it, Novanta's ROE doesn't look that attractive. Next, when compared to the average industry ROE of 10%, the company's ROE leaves us feeling even less enthusiastic. However, the moderate 13% net income growth seen by Novanta over the past five years is definitely a positive. So, there might be other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
初看之下,Novanta的ROE似乎并不那么吸引人。接下来,与行业平均ROE 10%相比,该公司的ROE让我们感到更加沮丧。然而,过去五年中,Novanta每年13%的净利润增长绝对是个好消息。因此,可能还有其他方面在积极影响公司的盈利增长。例如,公司的管理层可能做出了一些好的战略决策,或者该公司的分红派息比例较低。
We then performed a comparison between Novanta's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 14% in the same 5-year period.
然后,我们将Novanta的净利润增长与行业进行了比较,发现该公司的增长与行业在同一5年期间的平均增长率14%相似。
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Novanta is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是评估股票时需要考虑的重要指标。投资者应尝试确定预期的盈利增长或下降,无论是哪种情况,是否已被定价。这将帮助他们判断股票的未来是光明还是暗淡。预期盈利增长的一个良好指标是市盈率,它决定了市场愿意为一只股票支付多少钱,基于其盈利前景。因此,您可能想查看Novanta在其行业中是以高市盈率还是低市盈率交易。
Is Novanta Making Efficient Use Of Its Profits?
Novanta是否有效利用其利润?
Novanta doesn't pay any regular dividends, meaning that all of its profits are being reinvested in the business, which explains the fair bit of earnings growth the company has seen.
Novanta并不支付任何定期分红,这意味着它的所有利润都被再投资于业务,也解释了公司所看到的相当可观的盈利增长。
Conclusion
结论
Overall, we feel that Novanta certainly does have some positive factors to consider. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its business. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总体而言,我们认为Novanta确实有一些积极因素需要考虑。尽管回报率较低,但公司由于大量再投资于其业务,已实现令人印象深刻的盈利增长。话虽如此,最新的行业分析师预测显示,该公司的盈利预计将加速。这些分析师的预期是基于行业的广泛预期,还是基于公司的基本面?点击这里查看我们分析师的公司预测页面。
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